### Table 1: Rating Category Transition Matrix (Annual, 1990-2024)

| From \ To | AAA | AA+ | AA | AA- | Below AA- | Total |
|:--|--:|--:|--:|--:|--:|--:|
| AAA | 456 | 5 | 3 | 0 | 1 | 465 |
| AA+ | 4 | 193 | 2 | 0 | 1 | 200 |
| AA | 1 | 0 | 185 | 1 | 2 | 189 |
| AA- | 0 | 0 | 0 | 27 | 3 | 30 |
| Below AA- | 0 | 1 | 2 | 0 | 103 | 106 |

*Categories: AAA (21), AA+ (20), AA (19), AA- (18), Below AA- (<18). 31 rated countries.*
